The funding round includes both new and existing investors, with Ocean Zero as the main lead investor.
Pascal Technologies, formerly known as SES-X Marine Technologies, has secured 53 MNOK (approximately $5M US) in funding to bring their air cushion technology for electric boats to the market. Over the past year, the company has partnered with Frydenbø Marine and Moen Marin to develop and promote their technology in the electric pleasure boat and work boat markets.
The funding round includes both new and existing investors, with Ocean Zero as the main lead investor. Ocean Zero, led by TED curator Chris Anderson and technology editor Stephen Petranek, invests in innovative companies with the potential to eliminate emissions in maritime transport. Among their portfolio companies are Candela, Flux Marine, and AYRO, which produce electric hydrofoil boats, outboard motors & battery systems, and innovative sail systems, respectively. The funding raised in this round will be used for commercial projects, growth and further R&D.
“Ocean Zero invests in innovative young companies with visionary leadership that are focused on eliminating CO2 emissions from vessels on the world’s oceans, seas and lakes. We believe Pascal Technologies has the disruptive potential to eliminate fossil fuel consumption altogether on consumer boats, work boats, ferries, and even the largest commercial ships at sea.” Stephen Petranek, Ocean Zero.
“We are very pleased to have renowned Ocean Zero as a significant shareholder in the company, while existing shareholders have chosen to increase their investment in a challenging capital market. We are now well positioned to launch the first products into the market,” Glen Ole Rødland, chairman of the board at Pascal Technologies.
The company further announces a name change to better reflect its ambitions for the future. The new name of the company will be Pascal Technologies, inspired by the SI unit of pressure, which is also reflected in the company's unique air cushion technology.